The US Census Bureau of the Department of Commerce announced Monday that construction spending during June 2014 was estimated at a seasonally adjusted annual rate of $950.2 billion, 1.8 percent (±1.8 percent) below the revised May estimate of $967.8 billion. The June figure is 5.5 percent (±2.3 percent) above the June 2013 estimate of $900.3 billion.
During the first 6 months of this year, construction spending amounted to $445.1 billion, 7.8 percent (±1.6 percent) above the $413.0 billion for the same period in 2013.
Spending on private construction was at a seasonally adjusted annual rate of $685.5 billion, 1.0 percent (±1.0 percent) below the revised May estimate of $692.0 billion. Residential construction was at a seasonally adjusted annual rate of $355.9 billion in June, 0.3 percent (±1.3 percent) below the revised May estimate of $357.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $329.5 billion in June, 1.6 percent (±1.0 percent) below the revised May estimate of $335.0 billion.
In June, the estimated seasonally adjusted annual rate of public construction spending was $264.7 billion, 4.0 percent (±3.0 percent) below the revised May estimate of $275.7 billion. Educational construction was at a seasonally adjusted annual rate of $59.7 billion, 4.9 percent (±5.6 percent) below the revised May estimate of $62.8 billion. Highway construction was at a seasonally adjusted annual rate of $75.3 billion, 10.4 percent (±7.4 percent) below the revised May estimate of $84.0 billion.
